N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 2890

Fidelity Phillips Street Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

November 30

Date of reporting period:

August 31, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® U.S. Government
Reserves Fund

August 31, 2004

FUS-QTLY-1004

1.805753.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Federal Agencies - 62.4%

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value (000s)

Fannie Mae - 37.0%

Agency Coupons - 31.7%

9/1/04

1.48% (a)

$ 40,000

$ 39,993

9/1/04

1.50 (a)

75,000

74,997

9/6/04

1.23 (a)

48,000

47,970

9/7/04

1.45 (a)

40,000

39,963

9/10/04

1.35 (a)

50,000

50,000

9/21/04

1.50 (a)

35,000

34,976

9/24/04

1.49 (a)

100,000

99,993

9/27/04

1.52 (a)

100,000

99,981

9/28/04

1.56 (a)

45,000

44,994

9/29/04

1.53 (a)

30,000

29,977

10/1/04

1.47 (a)

37,000

36,973

10/7/04

1.46 (a)

35,000

34,994

3/29/05

1.40

20,000

20,000

4/28/05

1.35

20,000

20,000

5/3/05

1.40

10,000

10,000

5/4/05

1.54

20,000

20,000

5/13/05

1.59

10,000

10,000

714,811

Discount Notes - 5.3%

9/1/04

1.27

43,592

43,592

10/1/04

1.55

12,700

12,684

10/20/04

1.21

25,000

24,959

11/12/04

1.50

28,000

27,917

3/4/05

1.21

10,000

9,939

119,091

833,902

Federal Home Loan Bank - 14.9%

Agency Coupons - 14.0%

9/1/04

1.53 (a)

20,000

19,994

9/16/04

1.50 (a)

22,000

21,988

9/21/04

1.48 (a)

25,000

24,997

9/24/04

1.44

20,000

20,000

9/25/04

1.54 (a)

78,000

77,985

10/19/04

1.54 (a)

8,000

7,998

11/26/04

1.64 (a)

58,000

57,968

2/23/05

1.46

5,000

4,995

2/25/05

1.40

25,000

25,000

Federal Agencies - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value (000s)

Federal Home Loan Bank - continued

Agency Coupons - continued

4/15/05

1.35%

$ 30,000

$ 30,000

4/27/05

1.30

25,000

25,000

315,925

Discount Notes - 0.9%

11/10/04

1.42

20,000

19,945

335,870

Freddie Mac - 10.5%

Discount Notes - 10.5%

10/12/04

1.19

20,000

19,973

11/4/04

1.41

10,000

9,975

11/9/04

1.42

40,000

39,892

11/16/04

1.46

20,000

19,939

2/1/05

1.87

20,000

19,842

2/8/05

1.33

19,960

19,844

2/8/05

1.83

25,000

24,799

2/15/05

1.85

25,000

24,788

2/15/05

1.86

25,000

24,786

2/22/05

1.90

20,000

19,818

3/1/05

1.92

14,130

13,995

237,651

TOTAL FEDERAL AGENCIES

1,407,423

Repurchase Agreements - 37.0%

Maturity Amount (000s)

In a joint trading account (Collateralized by U.S.
Government Obligations) dated:

8/10/04 due 9/21/04 At 1.53% (b)

$ 90,161

90,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value (000s)

In a joint trading account (Collateralized by U.S.
Government Obligations) dated: - continued

8/25/04 due 9/15/04 At 1.55% (b)

$ 43,039

$ 43,000

8/31/04 due 9/1/04 At 1.61% (b)

700,098

700,067

TOTAL REPURCHASE AGREEMENTS

833,067

TOTAL INVESTMENT PORTFOLIO - 99.4%

2,240,490

NET OTHER ASSETS - 0.6%

13,345

NET ASSETS - 100%

$ 2,253,835

Total Cost for Federal Income Tax Purposes $ 2,240,490

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date.

(b) Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement/
Counterparty

Value

(000s)

$90,000 due 9/21/04 at 1.53%

Banc of America Securities LLC.

$ 90,000

$43,000 due 9/15/04 at 1.55%

Wachovia Capital Markets, LLC

43,000

$700,067 due 9/1/04 at 1.61%

Banc of America Securities LLC.

255,003

Barclays Capital Inc.

127,502

Greenwich Capital Markets, Inc.

25,500

J.P. Morgan Securities, Inc.

79,689

Merrill Lynch Government Securities, Inc.

21,120

Wachovia Capital Markets, LLC

191,253

700,067

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Cash Reserves Fund

August 31, 2004

CAS-QTLY-1004

1.805742.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 25.5%

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

Domestic Certificates Of Deposit - 1.4%

First Tennessee Bank NA, Memphis

9/17/04

1.54%

$ 60,000

$ 60,000

Standard Federal Bank

9/16/04

1.16

100,000

100,000

Washington Mutual Bank

11/12/04

1.65

90,000

90,000

Washington Mutual Bank, California

9/7/04

1.31

180,000

180,000

1/27/05

1.90

225,000

225,009

Washington Mutual Bank, Seattle

11/10/04

1.65

130,000

130,000

785,009

London Branch, Eurodollar, Foreign Banks - 9.1%

ABN-AMRO Bank NV

9/29/04

1.08

250,000

250,000

Alliance & Leicester PLC

9/10/04

1.55

50,000

49,994

Barclays Bank PLC

9/9/04

1.55

243,000

242,988

10/26/04

1.17

350,000

350,000

2/28/05

1.93

250,000

250,000

BNP Paribas SA

9/14/04

1.43

500,000

500,000

Calyon

9/17/04

1.29

250,000

250,000

2/28/05

1.94

250,000

250,000

Credit Agricole Indosuez

11/2/04

1.25

250,000

250,000

11/10/04

1.25

455,000

455,000

ING Bank NV

10/6/04

1.51

500,000

500,000

Landesbank Hessen-Thuringen

9/14/04

1.30

250,000

250,000

2/28/05

1.95

250,000

250,000

Nationwide Building Society

9/7/04

1.17

125,000

125,000

10/20/04

1.30

100,000

99,986

Societe Generale

11/10/04

1.25

45,000

45,000

1/5/05

1.19

250,000

250,000

Certificates of Deposit - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

London Branch, Eurodollar, Foreign Banks - continued

Societe Generale - continued

1/6/05

1.29%

$ 350,000

$ 350,000

Unicredito Italiano Spa

9/8/04

1.12

195,000

195,000

9/20/04

1.30

250,000

250,000

5,162,968

New York Branch, Yankee Dollar, Foreign Banks - 15.0%

Barclays Bank PLC

9/27/04

1.54 (b)

145,000

144,962

BNP Paribas SA

9/7/04

1.55

100,000

99,996

9/10/04

1.55

110,000

109,994

9/22/04

1.53 (b)

575,000

574,767

Calyon

9/13/04

1.53 (b)

280,000

279,915

Canadian Imperial Bank of Commerce

9/15/04

1.65 (b)

500,000

500,000

9/29/04

1.58 (b)

245,000

244,950

Credit Agricole Indosuez

10/22/04

1.63 (b)

115,000

115,039

Deutsche Bank AG

11/26/04

1.23

500,000

500,000

12/16/04

1.20

700,000

700,000

HBOS Treasury Services PLC

9/3/04

1.46 (b)

500,000

500,000

9/4/04

1.29 (b)

500,000

500,000

Landesbank Baden-Wuerttemberg

9/1/04

1.22 (b)

50,000

49,973

9/7/04

1.29 (b)

95,000

94,985

9/27/04

1.68 (b)

455,000

454,901

Royal Bank of Scotland PLC

9/14/04

1.53 (b)

300,000

299,929

Societe Generale

9/1/04

1.43 (b)

360,000

359,990

9/8/04

1.49 (b)

225,000

224,965

9/18/04

1.53 (b)

450,000

449,872

UBS AG

10/5/04

1.52 (b)

1,125,000

1,124,524

Unicredito Italiano Spa

9/21/04

1.48 (b)

240,000

239,929

Certificates of Deposit - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

New York Branch, Yankee Dollar, Foreign Banks - continued

Unicredito Italiano Spa - continued

10/14/04

1.53% (b)

$ 230,000

$ 229,935

10/27/04

1.59 (b)

550,000

549,850

11/12/04

1.61 (b)

220,000

219,931

8,568,407

TOTAL CERTIFICATES OF DEPOSIT

14,516,384

Commercial Paper - 16.8%

Alliance & Leicester PLC

10/22/04

1.30

50,000

49,908

Beta Finance, Inc.

9/3/04

1.45 (a)

49,500

49,496

Bradford & Bingley PLC

9/20/04

1.59

60,000

59,950

9/21/04

1.59

25,000

24,978

9/22/04

1.59

25,000

24,977

Cafco LLC

9/1/04

1.47

60,000

60,000

9/1/04

1.48

45,000

45,000

Citibank Credit Card Master Trust I (Dakota Certificate Program)

9/2/04

1.47

25,000

24,999

9/10/04

1.54

290,000

289,888

9/13/04

1.55

70,000

69,964

9/14/04

1.55

200,000

199,888

9/17/04

1.55

460,000

459,683

9/21/04

1.54

240,000

239,795

Clipper Receivables LLC

9/14/04

1.55

80,000

79,955

Comcast Corp.

9/15/04

1.85 (a)

20,000

19,986

9/20/04

1.85 (a)

35,000

34,966

9/20/04

1.86 (a)

35,000

34,966

CXC, LLC

9/1/04

1.48

15,000

15,000

9/7/04

1.48

50,000

49,988

DaimlerChrysler NA Holding Corp.

9/10/04

1.68

70,000

69,971

9/13/04

1.68

88,000

87,951

Commercial Paper - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

DaimlerChrysler NA Holding Corp. - continued

9/16/04

1.68%

$ 10,000

$ 9,993

9/17/04

1.68

70,000

69,948

9/21/04

1.68

85,000

84,921

9/23/04

1.69

55,000

54,943

9/27/04

1.72

66,000

65,918

10/12/04

1.77

36,000

35,928

Dresdner U.S. Finance, Inc.

10/4/04

1.42

250,000

249,677

Emerald (MBNA Credit Card Master Note Trust)

9/15/04

1.51

71,352

71,310

9/16/04

1.54

100,989

100,924

9/22/04

1.50

40,000

39,965

10/19/04

1.60

141,650

141,350

10/20/04

1.62

110,300

110,058

10/26/04

1.63

123,225

122,920

Fairway Finance Corp.

9/10/04

1.55

64,913

64,888

9/20/04

1.55

39,942

39,909

10/22/04

1.61

51,484

51,367

Ford Motor Credit Co.

9/7/04

1.62

200,000

199,946

9/16/04

1.71

70,000

69,950

9/23/04

1.75

150,000

149,840

10/1/04

1.77

65,000

64,904

General Electric Capital Corp.

9/16/04

1.49

250,000

249,846

1/11/05

1.82

250,000

248,350

1/12/05

1.82

250,000

248,338

1/13/05

1.82

250,000

248,325

2/9/05

1.89

315,000

312,366

2/10/05

1.87

200,000

198,335

General Electric Capital Services, Inc.

9/8/04

1.33

85,000

84,978

2/10/05

1.87

50,000

49,584

Grampian Funding Ltd.

9/21/04

1.51

175,000

174,854

10/21/04

1.30

100,000

99,821

11/2/04

1.48

285,000

284,278

11/3/04

1.48

85,000

84,781

11/10/04

1.48

96,000

95,726

Commercial Paper - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

K2 (USA) LLC

9/17/04

1.55%

$ 12,150

$ 12,142

2/28/05

1.95

45,000

44,566

Kellogg Co.

9/8/04

1.56

25,000

24,992

Kitty Hawk Funding Corp.

2/15/05

1.89

55,000

54,523

Liberty Street Funding Corp.

9/9/04

1.54

106,275

106,239

Market Street Funding Corp.

9/15/04

1.55

55,686

55,652

Motown Notes Program

9/10/04

1.54

110,000

109,958

9/15/04

1.56

62,600

62,562

9/16/04

1.52

100,000

99,937

Nationwide Building Society

9/17/04

1.15

100,000

99,949

11/8/04

1.32

125,000

124,690

Newcastle (Discover Card Master Trust)

9/9/04

1.39

75,000

74,977

9/13/04

1.55

50,000

49,974

9/16/04

1.55

248,000

247,840

9/20/04

1.51

90,000

89,929

9/21/04

1.51

50,000

49,958

Paradigm Funding LLC

9/7/04

1.50 (b)

190,000

189,988

Park Granada LLC

9/10/04

1.55

80,000

79,969

9/10/04

1.56

372,000

371,855

9/13/04

1.54

90,000

89,954

9/14/04

1.55

116,000

115,935

9/14/04

1.56

245,000

244,862

9/20/04

1.54

265,000

264,785

9/21/04

1.54

65,000

64,944

11/8/04

1.68

133,000

132,580

Sheffield Receivables Corp.

9/17/04

1.50

134,720

134,630

9/27/04

1.57 (b)

185,000

184,992

Commercial Paper - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

UBS Finance, Inc.

11/15/04

1.20%

$ 250,000

$ 249,380

TOTAL COMMERCIAL PAPER

9,601,312

Federal Agencies - 10.2%

Fannie Mae - 5.7%

Agency Coupons - 5.3%

9/7/04

1.45 (b)

450,000

449,576

9/23/04

1.49 (b)

336,000

335,962

2/15/05

1.40

520,000

520,000

2/23/05

1.33

204,000

204,000

3/29/05

1.40

750,500

750,500

4/28/05

1.35

500,000

500,000

5/3/05

1.40

100,000

100,000

5/13/05

1.59

150,000

150,000

3,010,038

Discount Notes - 0.4%

2/4/05

1.32

225,000

223,732

3,233,770

Federal Home Loan Bank - 4.0%

Agency Coupons - 4.0%

9/16/04

1.50 (b)

18,000

17,991

9/21/04

1.48 (b)

306,000

305,966

10/19/04

1.54 (b)

64,000

63,987

12/17/04

1.42

63,000

62,945

2/25/05

1.40

1,585,000

1,584,999

4/27/05

1.30

245,000

245,000

2,280,888

Freddie Mac - 0.5%

Discount Notes - 0.5%

2/8/05

1.33

280,000

278,370

TOTAL FEDERAL AGENCIES

5,793,028

Master Notes - 3.9%

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

Bear Stearns Companies, Inc.

9/10/04

1.62%

$ 125,000

$ 125,000

General Motors Acceptance Corp. Mortgage Credit

9/1/04

1.99 (b)(d)

525,000

525,000

Goldman Sachs Group, Inc.

9/8/04

1.25 (d)

480,000

480,000

9/30/04

1.25 (d)

160,000

160,000

10/6/04

1.59 (b)(d)

263,000

263,000

10/7/04

1.26 (d)

315,000

315,000

11/12/04

1.72 (b)(d)

367,000

367,000

TOTAL MASTER NOTES

2,235,000

Medium-Term Notes - 13.0%

Allstate Life Global Funding II

9/8/04

1.55 (a)(b)

65,000

65,000

9/15/04

1.59 (a)(b)

45,000

45,000

9/15/04

1.60 (a)(b)

70,000

70,000

American Express Credit Corp.

9/20/04

1.63 (a)(b)

170,000

169,960

Bank of Scotland Treasury Services PLC

9/14/04

1.52 (a)(b)

57,000

57,031

Bayerische Landesbank Girozentrale

11/19/04

1.68 (b)

445,000

445,000

BellSouth Telecommunications

9/4/04

1.40 (b)

85,000

85,000

Citigroup Global Markets Holdings, Inc.

9/7/04

1.42 (b)

80,000

80,069

Descartes Funding Trust

9/15/04

1.60 (b)

105,000

105,000

First Tennessee Bank NA Memphis

9/1/04

1.31 (b)

50,000

50,019

11/26/04

1.84 (b)

50,000

50,015

GE Capital Assurance Co.

9/1/04

1.61 (b)(d)

50,000

50,000

General Electric Capital Corp.

9/1/04

1.61 (b)(d)

105,000

105,000

9/9/04

1.66 (b)

375,000

375,000

9/15/04

1.65 (b)

77,000

77,069

Medium-Term Notes - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

General Electric Capital Corp. - continued

9/17/04

1.68% (b)

$ 549,000

$ 549,097

HBOS Treasury Services PLC

9/24/04

1.58 (b)

530,000

530,000

11/20/04

1.75 (a)(b)

50,000

50,031

Household Finance Corp.

9/7/04

1.49 (b)

70,000

70,000

9/16/04

1.64 (b)

60,000

60,072

11/18/04

1.82 (b)

199,000

199,248

Morgan Stanley

9/1/04

1.67 (b)

70,000

70,000

9/4/04

1.51 (b)

110,000

110,000

9/15/04

1.60 (b)

169,000

169,000

9/15/04

1.72 (b)

155,000

155,218

9/27/04

1.64 (b)

285,000

285,000

National City Bank

9/1/04

1.23 (b)

355,000

354,920

Pacific Life Global Funding

9/4/04

1.50 (a)(b)

60,000

60,000

9/13/04

1.59 (b)

30,000

30,000

RACERS

9/22/04

1.61 (a)(b)

480,000

480,000

Renaissance Prospect Group LLC

9/7/04

1.81 (b)

40,000

40,000

Royal Bank of Canada

9/10/04

1.55 (b)

55,000

55,000

SLM Corp.

9/1/04

1.52 (a)(b)

300,000

300,000

Verizon Global Funding Corp.

9/15/04

1.63 (b)

566,000

566,007

9/15/04

1.97 (b)

570,000

570,000

Wells Fargo & Co.

9/2/04

1.51 (b)

215,000

215,000

9/15/04

1.57 (b)

540,000

540,000

Westpac Banking Corp.

9/13/04

1.41 (b)

100,000

100,000

10/25/04

1.63 (b)

43,000

43,006

TOTAL MEDIUM-TERM NOTES

7,430,762

Short-Term Notes - 2.8%

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

Hartford Life Insurance Co.

9/1/04

1.46% (b)(d)

$ 40,000

$ 40,000

Jackson National Life Insurance Co.

10/1/04

1.74 (b)(d)

130,000

130,000

Metropolitan Life Insurance Co.

9/1/04

1.85 (b)(d)

65,000

65,000

9/28/04

1.68 (a)(b)

85,000

85,000

10/1/04

1.79 (b)(d)

175,000

175,000

Monumental Life Insurance Co.

9/1/04

1.63 (b)(d)

92,000

92,000

9/1/04

1.66 (b)(d)

65,000

65,000

9/1/04

1.89 (b)(d)

65,000

65,000

New York Life Insurance Co.

10/1/04

1.73 (b)(d)

425,000

425,000

Pacific Life Insurance Co.

9/10/04

1.58 (b)(d)

160,000

160,000

Transamerica Occidental Life Insurance Co.

11/1/04

1.86 (b)(d)

200,000

200,000

Travelers Insurance Co.

10/1/04

1.71 (b)(d)

5,000

5,000

11/17/04

1.83 (b)(d)

75,000

75,000

11/20/04

1.83 (b)(d)

35,000

35,000

TOTAL SHORT-TERM NOTES

1,617,000

Repurchase Agreements - 27.7%

Maturity Amount (000s)

In a joint trading account (Collateralized by U.S.
Government Obligations dated:

8/25/04 due 9/15/04 At 1.55%)

$ 340,307

340,000

8/31/04 due 9/1/04 At 1.61%)

4,591,575

4,591,370

With:

Banc of America Securities LLC At:

1.61%, dated 8/31/04 due 9/1/04 (Collateralized by
Mortgage Loan Obligations with principal amounts of $13,737,138,999, 0% - 7.05%, 12/6/05 - 1/12/39)

1,051,047

1,051,000

1.62%, dated 8/31/04 due 9/1/04 (Collateralized by
Commercial Paper Obligations with principal amounts of $643,960,052, 0% - 1.76%, 9/2/04 - 11/10/04)

630,028

630,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value
(000s)

With: - continued
Banc of America Securities LLC At:

1.64%, dated 8/31/04 due 9/1/04 (Collateralized by
Corporate Obligations with principal amounts of
$254,753,998, 4.75% - 9.25%, 4/15/06 - 12/15/33)

$ 270,012

$ 270,000

1.69%, dated 8/31/04 due 9/1/04:

(Collateralized by
Corporate Obligations with principal amounts of
$302,708,730, 5.5% - 13.75%, 3/1/05 - 10/15/37)

300,014

300,000

(Collateralized by
Mortgage Loan Obligations with principal amounts of $373,764,793, 0% - 9.16%, 12/6/05 - 4/25/43)

150,007

150,000

Barclays Capital, Inc. At 1.61%, dated 8/31/04 due 9/1/04 (Collateralized by
Corporate Obligations with principal amounts of
$453,106,541, 5% - 8.25%, 10/15/06 - 9/15/30)

500,022

500,000

Bear Stearns & Co. At:

1.62%, dated 8/31/04 due 9/1/04 (Collateralized by
Mortgage Loan Obligations with principal amounts of $137,114,393, 2.33% - 9.5%, 6/25/05 - 4/15/40)

100,005

100,000

1.69%, dated 8/31/04 due 9/1/04 (Collateralized by
Mortgage Loan Obligations with principal amounts of $121,892,970, 0% - 7.8%, 7/25/18 - 10/25/35)

100,005

100,000

Citigroup Global Markets, Inc. At:

1.66%, dated 8/31/04 due 9/1/04 (Collateralized by Corporate Obligations with principal amounts of $194,536,624, 1.66% - 8.88%, 3/8/07 - 8/1/34)

208,010

208,000

1.69%, dated 8/31/04 due 9/1/04 (Collateralized by Corporate Obligations with principal amounts of $308,055,695, 1.68% - 12.88%, 4/1/05 - 10/1/96)

300,014

300,000

Credit Suisse First Boston, Inc. At:

1.62%, dated 8/31/04 due 9/1/04 (Collateralized by Corporate Obligations with principal amounts of $176,960,885, 3.5% - 9.89%, 9/16/04 - 7/7/38)

175,008

175,000

1.64%, dated 8/31/04 due 9/1/04 (Collateralized by Commercial Paper Obligations with principal amounts of $306,186,000, 0%, 9/1/04 - 10/14/04)

300,014

300,000

Deutsche Bank Securities, Inc. At 1.69%, dated 8/31/04 due
9/1/04 (Collateralized by Mortgage Loan Obligations with
principal amounts of $776,050,704,
0% - 14%, 11/15/04 - 2/1/49)

477,022

477,000

Goldman Sachs & Co. At:

1.62%, dated 8/11/04 due 9/22/04:

(Collateralized by
Corporate Obligations with principal amounts of
$759,044,825, 2.08% - 13.5%, 10/15/04 - 10/25/33)

751,418

750,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value
(000s)

With: - continued
Goldman Sachs & Co. At:

1.62%, dated 8/11/04 due 9/22/04:

(Collateralized by Mortgage Loan Obligations with
principal amounts of $263,848,835, 4.76% - 6.48%, 2/14/11 - 7/25/34)

$ 241,455

$ 241,000

1.63%, dated 8/31/04 due 9/1/04 (Collateralized by Commercial Paper Obligations with
principal amounts of $33,829,146, 1.61% - 1.65%, 9/14/04 - 10/4/04)

33,001

33,000

1.65%, dated 8/11/04 due 9/22/04 (Collateralized by
Mortgage Loan Obligations with principal amounts of $336,111,252, 0% - 8.38%, 7/13/11 - 1/1/49)

238,458

238,000

J.P. Morgan Securities, Inc. At:

1.63%, dated: 8/11/04 due 9/22/04 (Collateralized by Corporate Obligations with principal amounts of $1,048,571,200, 5.38% - 12.5%, 5/15/05 - 4/1/37)

987,875

986,000

8/31/04 due 9/1/04 (Collateralized by Commercial Paper Obligations with principal amounts of $285,956,000, 1.44% - 2.07%, 9/1/04 - 4/14/05)

280,013

280,000

1.68%, dated 8/31/04 due 9/1/04 (Collateralized by Corporate Obligations with principal amounts of $185,000,000, 6.85% - 11.5%, 6/1/05 - 5/1/29)

200,009

200,000

Lehman Brothers, Inc. At 1.71%, dated 7/22/04 due 10/20/04 (Collateralized by Mortgage Loan Obligations with principal amounts of $227,685,300, 4.51% - 10.22%, 5/6/05 -
10/1/46) (b)(c)

170,682

170,000

Merrill Lynch, Pierce, Fenner & Smith At 1.71%, dated
8/9/04 due 11/8/04 (Collateralized by Corporate Obligations with principal amounts of $848,937,971, 0% - 13.63%, 11/15/04 - 1/15/33) (b)(c)

799,319

796,000

Morgan Stanley & Co. At:

1.63%, dated 8/11/04 due 9/22/04 (Collateralized by Corporate Obligations with principal amounts of $:

357,586,712, 0% - 15.41%, 10/15/04 - 3/15/38)

300,571

300,000

526,912,175, 0% - 11.25%, 9/3/04 - 3/2/49)

235,447

235,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value (000s)

With: - continued
Morgan Stanley & Co. At:

1.64%, dated 8/31/04 due 9/1/04 (Collateralized by
Mortgage Loan Obligations with principal amounts of $899,316,307, 0% - 13.88%, 9/1/04 - 3/2/49)

$ 1,047,048

$ 1,047,000

Wachovia Securities, Inc. At 1.63%, dated 8/31/04 due
9/1/04 (Collateralized by Corporate Obligations with principal amounts of $1,085,644,797, 0% - 7.75%, 4/11/06 - 8/24/49)

1,014,046

1,014,000

TOTAL REPURCHASE AGREEMENTS

15,782,370

TOTAL INVESTMENT PORTFOLIO - 99.9%

56,975,856

NET OTHER ASSETS - 0.1%

66,319

NET ASSETS - 100%

$ 57,042,175

Total Cost for Federal Income Tax Purposes $ 56,975,856

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,521,436,000 or 2.7% of net assets.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date.

(c) The maturity amount is based on the rate at period end.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,797,000,000 or 6.7% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost (000s)

GE Capital Assurance Co. 1.61%, 9/1/04

7/30/04

$ 50,000

General Electric Capital Corp. 1.61%, 9/1/04

4/1/04

$ 105,000

General Motors Acceptance Corp. Mortgage Credit 1.99%, 9/1/04

8/2/04

$ 525,000

Goldman Sachs Group, Inc.:
1.25%, 9/8/04

2/10/04

$ 480,000

1.25%, 9/30/04

3/3/04

$ 160,000

1.26%, 10/7/04

3/3/04

$ 315,000

1.59%, 10/6/04

7/6/04

$ 263,000

1.72%, 11/12/04

8/11/04

$ 367,000

Hartford Life Insurance Co. 1.46%, 9/1/04

12/16/03

$ 40,000

Jackson National Life Insurance Co. 1.74%, 10/1/04

3/31/03

$ 130,000

Metropolitan Life Insurance Co.: 1.79%, 10/1/04

3/26/02

$ 175,000

1.85%, 9/1/04

2/24/03

$ 65,000

Security

Acquisition Date

Cost (000s)

Monumental Life Insurance Co.: 1.63%, 9/1/04

7/31/98 - 9/17/98

$ 92,000

1.66%, 9/1/04

3/12/99

$ 65,000

1.89%, 9/1/04

2/1/00

$ 65,000

New York Life Insurance Co. 1.73%, 10/1/04

2/28/02 - 12/19/02

$ 425,000

Pacific Life
Insurance Co
1.58%, 9/10/04

3/10/03

$ 160,000

Transamerica Occidental Life Insurance Co. 1.86%, 11/1/04

4/28/00

$ 200,000

Travelers Insurance Co.:
1.71%, 10/1/04

3/26/04

$ 5,000

1.83%, 11/17/04

5/10/04

$ 75,000

1.83%, 11/20/04

8/19/04

$ 35,000

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Phillips Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Phillips Street Trust

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

October 19, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

October 19, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

October 19, 2004